Role of Micro, Small and Medium Enterprises in Economic Development
2 Pages Posted: 21 Aug 2019
Date Written: August 16, 2019
Micro, Small and Medium Enterprises (MSMEs) are the largest segment of an economy. They accounts for 25 percent of Bangladesh GDP and employed 87% of civilian population. MSMEs are playing a very important role in employment generation, resource utilization and income generation to a large segment of the society. Therefore; they are vital for economic development of any country. As a result the government of Bangladesh provided significant importance to MSMEs in National Industrial Policy 2016, SME Policy Strategies 2005 and upcoming drafts of both the policies. Bangladesh Small and Cottage Industries Corporation (BSCIC) was established in 1957, Small and Medium Enterprise Foundation (SME Foundation) was established in 2007 and a significant number of development projects were implemented to facilitate establishment and promotion of MSMEs in Bangladesh.
Keywords: MSME, Economic Development, Role of SME
JEL Classification: F63
Suggested Citation: Suggested Citation